Institute of Chartered Accountants of Pakistan, ICAP, has issued Circular 9 the Accounting Guide on ‘Financial Reporting under the Companies Act 2017 Your Questions Answered’ and Disclosure Checklists for the Fourth and Fifth schedule of the Companies Act 2017.

Professional Commentary

The Institute’s Technical Services Department on the instructions of the Accounting Standards Board has prepared following Accounting Guide and Disclosure Checklists with the objectives to facilitate members in understanding and responding to the questions relating to the new financial reporting regime of the Companies Act, 2017 and preparing financial statements accordingly.

Accounting Guide titled “Financial Reporting under the companies Act 2017 – Your Questions Answered

This accounting guide has been prepared to support you in understanding the significant accounting and financial reporting matters emanating from the Companies Act. The guide provides:

  1. An overview of new financial reporting regime under the Companies Act 2017;
  2. Answers the number of common questions about, and implications of , the new financial reporting requirements;
  3. List of IFRSs (standards and interpretations) that are newly applicable for June 30, 2018; and
  4. List of the IFRSs not adopted in Pakistan and the specific exemptions from the IFRSs allowed by SECP and SBP

Disclosure checklists of fourth and fifth schedules of the Companies Act

These guidelines contain disclosures requirements of fourth and fifth schedules only to assist in understanding and documenting disclosure requirements of the aforementioned schedules.

Please click below to read the original Circular and subsequent document

Circular No. 9 of 2018

Financial Reporting under the Companies Act 2017 – Your questions answered